Ethereum, Crypto's Looking to Consolidate
Ethereum and all cryptos are looking to consolidate after the big flush that's been taking place. Is it over? If cryptos can consolidate around the current levels, it should be....for now.
Most coins have experienced around a 10-20% correction just in the last 24 hours alone. Volumes did see a spike in volume as the flush ensued and bulls bought dips. These buys didn't create a ton of price movement though as bulls have started giving up and volume falls.
Currently, Ethereum is looking to consolidate around $270. However, I see consolidation being a negative sign for the bulls, as any change in trend/momentum would occur quicker, rather than after consolidating.
$270 looks like resistance for Ethereum, with $275 next. For support, I'm looking at $256 which was support from this morning's selloff. If $256 fails to hold in the longer term, I'm looking at a new support of $233.
I've been saying for a while that the crypto market's were needing a huge correction, so this is all just normal finance. It has nothing to do with long term projections or fundamentals of cryptocurrencies.
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Nice analysis man. Long term believer in the Ethereum project and i'd be looking to pick more up if it did get to around $230ish which I think is totally plausible!
@thefig, thanks. My thoughts are it will get much much lower than $230....
Long term yea, I think cryptos will do really well (esp ones like ETH that use the blockchain for more than money). Right now though its not a fundamentals question, it's a finance/market situation where it's way too overbought and over-hyped.